Hanwha Life Insurance Reports H1 Net Profit of 501.6 Billion KRW... "GA Subsidiary Off to a Stable Start"

[Asia Economy Reporter Oh Hyung-gil] Hanwha Life Insurance succeeded in improving its first half performance through a sales strategy focused on rising interest rates and protection-type products.

On the 29th, Hanwha Life announced that its consolidated net profit for the first half reached 501.6 billion KRW, an increase of 208.3% compared to the same period last year.

Although the first half premium income was 6.3761 trillion KRW, down 10.7% year-on-year, the annual premium equivalent (APE) of general protection-type new contracts increased by 22.5% to 222.7 billion KRW compared to the same period last year.

Hanwha Life explained that the improvement in first half performance was due to improved interest spread gains from rising interest rates and the effect of a sales strategy centered on protection-type products.

The solvency capital ratio (RBC) recorded 203.1%, down 1.9 percentage points (p) from the first quarter due to a decrease in available-for-sale securities valuation gains caused by rising government bond yields.

Meanwhile, Hanwha Life disclosed that Hanwha Life Financial Services, a subsidiary-type corporate agency (GA) spun off through separation of manufacturing and sales, recorded stable performance after its launch.

Hanwha Life Financial Services’ monthly first premium after launch increased by 27.0% quarter-on-quarter to 19 billion KRW. In the second quarter, the product mix was 85% Hanwha Life protection insurance, 4% pension insurance, and 11% non-life insurance, respectively.

A Hanwha Life official stated, "While maintaining the volume of our core products, we will gradually expand the sales proportion of non-life insurance products to strengthen competitiveness in the GA market."

This content was produced with the assistance of AI translation services.